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CBN Urges Businesses to Embrace Good Governance, Financial Discipline Amid Economic Challenges
The Central Bank of Nigeria, CBN, has urged businesses and institutions to strengthen their governance practices, accountability and financial management as they navigate the country’s prevailing economic challenges.
The Director, Payments System Policy Department of the CBN, Mr. Musa Jimoh, gave the advice in Lagos while representing the Apex Bank’s Deputy Governor, Economic Policy, Mr. Philip Ikeazor, at the 2026 Fellows’ Night and Investiture of the Chartered Institute of Directors Nigeria.
Jimoh acknowledged that the prevailing economic environment could appear daunting and difficult, but maintained that businesses could weather the challenges by being proactive and adopting sound economic and financial management practices.
He identified compliance with rules, accountability and transparency as key values that should guide the day-to-day activities of businesses and institutions, particularly at a time when organisations are confronted with complex economic, technological and social challenges.
According to him, effective governance has become increasingly important because institutions are expected not only to survive difficult economic conditions but also to remain accountable, resilient and capable of delivering sustainable value to their stakeholders.
The CBN director said good governance goes beyond mere compliance with regulations, stressing that it also involves building institutions that are transparent, accountable and resilient.
The event also witnessed the investiture of new Fellows and Members of the Chartered Institute of Directors Nigeria, with the new Fellows acknowledging that the recognition came with greater responsibilities.
Speaking on behalf of the 2026 Fellow Awardees, one of the inductees expressed appreciation to the Institute for the honour and opportunity to join its Fellowship cadre, describing the recognition as both an acknowledgement of professional accomplishment and a reminder of the responsibilities attached to leadership.
He said the new Fellows were committed to leading with integrity, sound judgment and a clear sense of duty while applying the knowledge and experience gained through the Institute’s programmes and training.
He noted that leadership should not be measured solely by the results achieved, but also by the manner in which such results are achieved, including the standards leaders set, the people they influence and the institutions they leave behind.
The Fellow further pledged that the new inductees would uphold the principles of good governance, ethical leadership and responsible directorship in the organisations and institutions where they serve.
He also acknowledged the role of the Institute in promoting professional standards and preparing leaders to understand the responsibilities that come with positions of influence.
The new Fellows pledged to remain actively engaged with the Institute and contribute to its efforts to promote high standards of corporate governance and leadership in Nigeria.
The occasion was attended by directors of financial institutions, particularly banks, as well as other stakeholders from the public and private sectors.
The event also provided an opportunity for the Institute to emphasise the connection between professional leadership and the strength, credibility and sustainability of institutions operating in an increasingly challenging business environment.
By Ebere Obike
